The median price of an existing home in California in June jumped 25.3 percent and sales increased 10.8 percent compared to the same period a year ago, the California Association of Realtors reported today.
The median price of an existing, single-family detached home in California during June 2004 was $469,170, a 25.3 percent increase over the revised $374,540 median for June 2003, C.A.R. reported. The June 2004 median price increased 1.2 percent compared to a revised $463,690 median price in May.
Closed escrow sales of existing, single-family detached homes in California totaled 633,670 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 10.8 percent from the 572,130 sales pace recorded in June 2003.
“The real estate market in June experienced the confluence of what is traditionally the peak selling season and consumers’ responses to a changing interest-rate climate,” said C.A.R. President Ann Pettijohn. “As mortgage rates began to increase, consumers’ expectations of even higher rates in the future pushed many off the fence and into the market.”
The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“Year-to-date sales have increased 7.4 percent compared to 2003,” said Leslie Appleton-Young, C.A.R.’s vice president and chief economist. “We’re continuing to see double-digit sales increases in most regions of the state, while the median price increased by more than 30 percent in over half of the regions within the state.”
The median number of days it took to sell a single-family home was 25 days in June 2004, compared to 28 days (revised) for the same period a year ago.
Statewide, the 10 cities and communities with the highest median home prices in California during June 2004 were: Beverly Hills, $1,487,500; Los Altos, $1,325,000; Malibu, $1,287,500; Saratoga, $1,265,000; Manhattan Beach, $1,252,500; Laguna Beach, $1,250,000; Palos Verdes Estates, $1,250,000; Coronado, $1,100,000; Newport Beach, $1,090,000; San Marino, $1,078,000; and Del Mar, $1,035,000.
Statewide, the 10 cities and communities with the greatest median home-price increases in June 2004 compared to the same period a year ago were: Colton, 78.6 percent; Seaside, 61.3 percent; Port Hueneme, 58.2 percent; California City, 57.9 percent; Adelanto, 55.8 percent; Hercules, 52.5 percent; Palos Verdes Estates, 51.8 percent; Beverly Hills, 51.8 percent; Ojai, 48.3 percent; and Beaumont, 46.8 percent.
Los Angeles-based C.A.R. is a state trade organization with more than 135,000 members.
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